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Saturday, January 19, 2013
Expertise in forward momentum
"Ed Bott recounts the story of Lala.com, an innovative online music service
that reached the top of Google search rankings for consumers seeking
music. Their prices were frequently better than the prices on iTunes,
and they partnered with Google for the search giant's Music Beta. Lala's
founder, Bill Nguyen, decided the time was ripe to sell, entertaining
offers from both Google and Nokia. Unfortunately, Nokia's offer was
poor, and Google tried to lowball Nguyen. Apple, however, was not so
foolish. Correctly identifying a threat to its growing music empire, Steve Jobs offered $80 million for the company,
and Nguyen accepted. 'The ultimate irony in this story is that quite a
few notable members of the Lala-to-Apple team followed Bill through the
door and onward to his next venture. They left millions in options at a
the $196.48 exercise price they had from the 2009 sale/retention
bonuses. Some of those same engineers returned to Apple in the highly
covered [Color Labs acquisition]
rumor that 20+ engineers went to Apple for $7M. Apple obtained the same
employees for pennies on the dollar. This time with even more
experience and startup life under their belt. Paying twice was genius.'"
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